Small business success strategies for the new entrepreneur
We know you know the basics; here are a few strategies for running a small business that perhaps you haven’t already heard.
Bring passion and wisdom in equal measures.
A key element to the success of any business is passion; passion will compel you to continually improve your processes as your business evolves and grows.
Nevertheless, passion should not cloud your judgement. While it will propel you forward, it won’t necessarily direct you wisely. Knowledge will do keep you well navigated.
Market research is essential to know your company’s potential. Reach out to experts and talk to your target market; likewise, lawyers, financial advisors, and other successful entrepreneurs can help point you in the right direction.
As your business grows, liken it to piloting an airplane; allow your zeal to move you forward, but make sure your informed mind controls the navigation. With this approach, you’ll be sure you’re moving in the right direction, while at the same time keeping up the momentum to get there.
Be a solution.
Rather than focusing your business idea on something to sell, consider what it will solve. It’s far easier to earn a solid and loyal customer base when your business is resolving a problem.
Whether it’s a quick and affordable, but healthy, lunch for those on the go, candles to make one’s home look, feel and smell nice, or a traveling dog groomer that bathes cats too, there is usually a problem or desire to solve and fulfill; make sure what you have to offer does that.
For example, we didn’t start Merchant Driven inc. because we are credit card processing is necessarily sexy; we wanted to ease the burden of credit card processing costs that small business owners like us were facing. After much research, we found, and partnered with, a solution that would solve that problem of expensive credit card processing.
KISS: Keep it simple, Silly!
Many entrepreneurs, myself included, get so excited about their business idea that it can quickly snowball into something huge and complicated.
Start small, remember that done is better than perfect, and zoom in your focus so that you don’t lose track of the big picture.
Simplicity and quality go a long way toward making a success out of your small business. Whether it’s goods or services that you have to offer, your offerings should simply fulfill their promise, and leave customers feeling satisfied.
Trim the fat by letting go of unnecessary features which may only water down your offerings and complicate customer fulfillment. Remember, your business offerings can scale with your growth and success.
Do your numbers!
Doing a home budget can be tough; a business budget requires an even tighter look at every expense and penny spent, and it can be easy to miss a few.
Take into consideration every aspect of every expenditure and don’t leave out the small stuff. Rent, supplies, branding, business tools, service providers, employees, phone service, electricity, web services, digital marketing, social media, and even coffee; don’t leave out a thing.
Once you’ve done your budget to the best of your ability, take whatever that dollar amount is, and multiply it by 4.
Yup. Quadruple it.
Trust me when I say that any expense you can think of will likely come back in multiples, and there will always be unexpected expenses that you didn’t consider.
Payment processing is one area where you can prepare well in advance, and perhaps even eliminate the majority of the expense. At the end of the day, that 3- 4% savings will really affect your bottom line.
Opening and running a small business isn’t rocket science; with the right tools in place and a good mindset, you too can see tremendous success.
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